UTime Limited clarifies management composition following unauthorized SEC filing claiming leadership changes. No resignations occurred.
Quiver AI Summary
UTime Limited, a mobile device manufacturer listed on NASDAQ, issued a statement on September 9, 2025, to clarify its management and board structure following an unauthorized fraudulent filing with the U.S. Securities and Exchange Commission (SEC). The filing falsely claimed that key officers and directors had resigned and been replaced, which the company confirmed was untrue. CEO Hengcong Qiu, along with other board members, remains in their positions, and no changes have occurred in management. UTime suspects that the unauthorized filing was submitted by a former employee with illicit access to the company's filing codes. The company is taking immediate actions to address the situation, including notifying the SEC and relevant authorities for investigation, while committing to upholding corporate governance and transparency.
Potential Positives
- The press release effectively reassures shareholders and investors by clarifying that the current management team remains intact, countering misinformation from an unauthorized SEC filing.
- UTime Limited's commitment to transparency and corporate governance is highlighted, which may enhance trust among stakeholders.
- The company is taking swift action to address the fraudulent filing, including notifying the SEC and authorities, demonstrating a proactive approach to protect its interests.
- The situation underscores the importance of regulatory compliance and security measures, indicating the company’s dedication to safeguarding its operations and disclosures.
Potential Negatives
- The press release highlights that a fraudulent filing was submitted to the SEC, which raises concerns about the security of the company's regulatory disclosures and internal controls.
- The unauthorized filing claimed that key executives had resigned, which could undermine investor confidence and create ambiguity about the company's leadership stability.
- It indicates that a former employee had illicit access to the company’s SEC filing codes, suggesting potential vulnerabilities in the company’s IT security and personnel management.
FAQ
What was the unauthorized filing related to UTime Limited?
The unauthorized filing falsely claimed that UTime's officers and directors had resigned and been replaced.
Who remains in UTime Limited's leadership?
Mr. Hengcong Qiu remains as CEO, CFO, and Chairman, while Mr. Minfei Bao continues as a Director.
What actions is UTime taking regarding the fraudulent filing?
UTime is notifying the SEC and proper authorities to investigate the fraudulent filing and protect its interests.
How does UTime ensure transparency and corporate governance?
The Company is committed to maintaining high standards of transparency and corporate governance in its operations.
What does UTime Limited do as a company?
UTime is involved in the design, development, production, sales, and operation of mobile devices globally.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
Tel: (86) 755 86512266
7th Floor, Building 5A
Shenzhen Software Industry Base, Nanshan District
Shenzhen, People’s Republic of China 518061
SHENZHEN, China, Sept. 09, 2025 (GLOBE NEWSWIRE) -- UTime Limited (the "Company" or “Utime”) (NASDAQ: WTO), a mobile device manufacturer and technology company, today issued a statement to clarify its management and board composition following an unauthorized filing with the U.S. Securities and Exchange Commission (the "SEC").
On September 9, 2025, a fraudulent filing was submitted to the SEC via the SEC’s EDGAR filing system (the "Unauthorized Form 6-K"). This filing falsely claimed that the officers and directors of Utime had resigned and had been replaced by new appointees.
The Company wishes to advise its shareholders, investors, and the public that this filing was not authorized, reviewed, or approved by the Company's leadership. Specifically:
- Mr. Hengcong Qiu remains the Chief Executive Officer, Chief Financial Officer and Chairman of the Board of the Company and has not resigned.
- Mr. Minfei Bao remains a Director and has not resigned.
- No actions have been taken to change the composition of the Company's Board of Directors.
The current management team remains fully in place. The Board of Directors continues to consist of Messrs. Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie and Yanzhi Wang.
The Company believes this unauthorized filing was made by a former employee who had illicit access to the Company's EDGAR filing codes. This action appears to be a deliberate attempt to interfere with the Company's business operations and stable management.
The Company is taking immediate and decisive actions to rectify this situation, protect the Company's interests, and ensure the security of its regulatory disclosures. These actions include formally notifying the SEC of the fraudulent filing and notifying the proper authorities to investigate this matter.
The Company is committed to transparency and upholding the highest standards of corporate governance. We appreciate the trust of our shareholders and stakeholders and will provide updates as appropriate.
About UTime Limited
Trading under the NASDAQ ticker WTO, UTime Limited is engaged in the design, development, production, sales and brand operation of mobile devices in China and globally. The company aims to provide cost-effective products and serves a broad customer base.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. The forward-looking statements discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us, including those described in UTime Limited’s Annual Report on Form 20-F and our other filings made with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.
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